volume 38 / 2014

CAN OKUN’S LAW EXPLAIN DECENT WORK DEFICIT FOR YOUNG PEOPLE IN EUROPE? A FOCUS ON THE ROMANIAN ECONOMY

Emiliano COLANTONIO, Gianluigi NICO

Abstract: Due to the growing concern about the labour market situation of young people in Europe, this paper analysis the effective role played by real output growth in stimulating job creation. To reach this goal, one strand of this analysis empirically investigates the real output growth effects on the youth unemployment rate (15-24) by testing the difference version of the Okun’s law. The most interesting result relates to the case of the Romanian economy whose Okun’s law does not fit so well. We additionally test the Okun’s law on a set of Decent Work Indicators in order to verify whether a Decent Work deficit exists among young workers within the European labour market.
Keywords: decent work; decent work indicators; econometric models; labour market; Okun’s law
Classification-JEL: J01; J64; J28

FRACTAL CHARACTERISTICS OF WORLD MARKET COMMODITY DERIVATIVES

Mihajlovsky OKSANA

Abstract: The fractal properties of some segments of the global commodity derivatives market have been investigated in the present article. The fractal nature of segments of oil and copper derivatives markets has been determined. The presence of speculative reference groups of investors on given segments has been substantiated.
Keywords: derivatives; clusters of investors; Hurst exponent; fractal analysis; fractal dimension
Classification-JEL: F30

STRUCTURAL AND COHESION FUNDS ABSORPTION IN ROMANIA. BALANCE OF THE 2007-2013 FINANCIAL EXERCISE AND LESSONS FOR THE CURRENT PERIOD

Gheorghe ZAMAN, George GEORGESCU

Abstract: The fractal properties of some segments of the global commodity derivatives market have been investigated in the present article. The fractal nature of segments of oil and copper derivatives markets has been determined. The presence of speculative reference groups of investors on given segments has been substantiated.
Keywords: EU Cohesion Policy; absorption rate; macroeconomic indicators; Structural and Cohesion Funds impact
Classification-JEL: E22; F15; F36; F43; O19

AN EXTENSION OF THE METHODOLOGY OF USING THE STUDENT TEST IN CASE OF A LINEAR REGRESSION WITH THREE EXPLANATORY VARIABLES 

Florin-Marius PAVELESCU

Abstract: Having in view some algebraical properties of the Student Test statistics, in this paper a new indicator is proposed in order to evaluate the quality of estimation in case of a linear regression with three explanatory variables, when OLS method is used. The respective indicator, named Synthesis of Transformed Form of Student Test statistics (STFST) is defined by taking into consideration the arithmetical mean and the coefficient of variation of Transformed Form of Student Test Statistics. Also, an explanation regarding the deviation of the arithmetical mean of Transformed Form of Student Test Statistics from Fisher Test statistics is given. In this context, a factorial analysis model is proposed in order to reveal the modeling factors contribution in obtaining the Student Test statistics. At the end of the paper a numerical example is presented in order to show the practical use of the proposed analysis methodology.
Keywords: Transformed Form of Student Test statistics; Fisher Test statistics; informational energy; factorial analysis
Classification-JEL: C13; C20; C51; C52

COST STRUCTURE COMPLEXITY AND STOCK PRICES VOLATILITY: AN ANALYSIS OF POSSIBLE RELATIONSHIP AMONG ITALIAN LISTED COMPANIES IN THE PERIOD OF CRISIS 
Francesco PAOLONE

Abstract: This paper analyzes the relationship between complexity in cost structure (Jennings et al., 2013) and stock price volatility concerning Italian Listed Companies to determine over the period of crisis whether firm complexity is associated with risk. Using data collected for 153 available Italian listed companies from AIDA database, I found that there was no relationship between stock market volatility and cost structure complexity among Italian Listed Companies. I also found that cost service was the most relevant element within 40 complex Italian listed companies and suggested an integrating analysis with further measures of complexity approaches.
Keywords: Organizational Complexity; Measures of Complexity; Cost Structure; Volatility; Stock Return
Classification-JEL: G01; M40; M41; C1; C2

O TIPOLOLGIE A CREȘTERII ECONOMICE REGIONALE ÎN ROMÂNIA 
Gheorghe ZAMAN, Zizi GOSCHIN

Abstract: Persistența fenomenelor de divergență a traiectoriilor regionale de creștere economică limitează impactul politicilor de dezvoltare teritorială echilibrată, mentine sau mărește inegalitățile. Regiunile unei țări prezinta atât asemanari, cât si deosebiri, iar identificarea gruparilor tipologice este importanta pentru analiza rezultatelor activitatii lor economice și elaborarea politicilor regionale. În această lucrare, a fost folosită o metoda de analiză a profilurilor regionale de creștere care combina nivelul și variația în timp și spațiu a unui indicator sintetic de rezultate, cu scopul de a contura tipologia dezvoltării teritoriale la diferite niveluri de agregare a datelor. Metoda conferă factorilor de decizie elemente de fundamentare a mix-ului de politici economice, în funcție de încadrarea fiecărei regiuni/subregiuni într-un anumit tip de evoluție economică. Aplicată pentru analiza procesului de creștere economică în regiunile României, pe baza datelor statistice privind nivelul și dinamica PIB pe locuitor, pentru diferite sub-perioade ale intervalului 1995-2010, metoda a permis stabilirea pozitiilor relative ale regiunilor/judetelor în complexul economic național, evaluarea tendințelor de dezvoltare și identificarea teritoriilor aflate în declin/avânt, atragând totodată atenția asupra unor evoluții regionale nefavorabile, în contextul dinamicii macroeconomice generale.
Keywords: tipologie regională; creștere economică; PIB/locuitor
Classification-JEL: R11; R12

LA CONSOMMATION D'ENERGIE RENOUVELABLE ET LE PIB DANS L'EUROPE DU NORD 

Mehdi BEHNAME

Abstract: L'objectif de cet article est l'étude de la relation de la causalité à long terme et à court terme entre la consommation d'énergie renouvelable et la croissance économique dans les pays en Europe du Nord pour la période 1990-2010. Le test de Pedroni (2000) nous montre qu'il exicte la relation à long terme entre les variables et le test d'Hausman (1978) indique que nous devons appliquer le modèle en effets fixes. Les résultats de test de la causalité indiquent qu entre la consommation d'énergie renouvelable et la croissance économique il existe une relation unidirectionnelle (l'énergie est la cause de PIB) mais entre le PIB et la formation de capital et aussi entre le PIB et le travail à long terme et à court terme il y a une relation bidirectionnelle. Donc ces pays peuvent remplacer cette énergie à la place du pétrole pour diminuer la dépendance de l'étranger.
Keywords: Consommation d'Energie; Energie Renouvelable; Europe du Nord; produit intérieur brut; Données de Panel
Classification-JEL: C23; Q43

DECENTRALISATION AND REGIONAL DISPARITIES IN THE CONTEXT OF THE NEW COHESION POLICY 

Daniela ANTONESCU, Florina POPA

Abstract: The present paper represents an synthesis of the research study Regional Development and Territorial Planning in the Context of the New Cohesion Policy (2014-2020) developed within the "Regional Development in Romania" Priority Programme of National Institute of Economic Research "Costin C. Kiritescu" (2013). The objectives of the research paper are in agreement with current strategic priorities  national and community ones. Also, the topics represent the core elements of national and regional debates regarding to importance of decentralization and to the role of regionalization in the current conditions under the incidence of the cohesion policy and globalization. The article intends to analyses synthetically the following aspects: a. the short review of the main models of regional decentralisation within the European Union; b. the main characteristics of the Europe 2020 Strategy; c. the analysis of economic and social disparities at regional level in Romania by making, use of the method of the Gini Struck concentration coefficients.
Keywords: regionalisation, decentralization, Europe 2020, regional disparities
Classification-JEL: R11; R12; F02

ANALYZING THE RELATIONSHIP BETWEEN EONIA AND EONIASWAP RATES. A COINTEGRATION APPROACH 

Codruța Maria FAT, Simona MUTU

Abstract: The aim of this paper is to analyze the behavior of Eoniaswap rates at different maturities during the 2007-2013 period. This index is representative for the Eurozone interbank swap market and its evolution is significantly influenced by the monetary policy of the European Central Bank. In order to asses this influence, we apply stationarity tests, cointegration tests and a variance decomposition analysis for the interbank swap rates. The results show that Eoniaswap rates exhibit structural breaks, long-term memory and a persistent behavior. The variance of Eoniaswap rates at a certain maturity is influenced by shocks to other maturities of Eonia swap rates, but shocks coming from Eonia interbank rate are rapidly absorbed. Johansen
cointegration test confirms the existence of long-run equilibrium relationship between Eonia and Eoniaswap rates.
Keywords: Eoniaswap rates; interbank markets; cointegration; structural breaks; variance decomposition
Classification-JEL: E43; E50; G10; G21

INVESTMENTS AND DEVELOPMENT: MILESTONES OF ROMANIA’S EVOLUTION 

Flavius ROVINARU, Mihaela ROVINARU

Abstract: The economic development is not exclusively a contemporary reality but a feature of historical systems and eras in general. This aspect was also observed by Romanian economic school representatives, like Mihail Manoilescu, Gheorghe N. Leon, N.P. Arcadian. The present paper aims to be an insight into the issue of investment and industrialization – factors of economic development – of interwar Romania.
Keywords: Liberalism; Industrialization; Industrial Output
Classification-JEL: B31; L16; E22

ROMANIAN ACCOUNTING INVOLVEMENT IN MONITORING ENVIRONMENTAL ISSUES 

Nicolae TODEA, Ionla Cornelia CIOCA

Abstract: The purpose of this article is to present some aspects referring to the relationship between environment and accounting, to effectiveness and manner in which environmental issues are monitored through accounting. The main objectives considered, aims at presenting international, European and national accounting standards, addressing environmental issues and the manner in which they are presented in accounting and then in the financial statements of Alba countys entities. The scientific approach is based on information from national, European and international professional literature and practice, as well as from factual documentation on a number of 170 entities in the Alba county. In this paper, we made use of documenting research methods, analysis, synthesis, comparison, case study, graphic representation.
Keywords: environmental accounting; expenditure on environmental protection; greenhouse gas emissions.
Classification-JEL: G31; H23; K32.